On A STRONG Footing…
The Indian construction equipment industry received an overwhelming news recently with sales crossing the 1 lakh unit mark in FY 2022-23, recording an excellent 26% growth year on year. CE sales in Q4 of FY23 (January-March 2023) increased by 23% over Q4FY22 and by 22% over Q3FY23. On a month-on-month basis, sales in March 2023 increased by 17% over February 2023. The significant growth in FY23 was driven by all the four sub-segments of the CE industry, except road construction equipment, which recorded a slight de-growth of 3%. A total of 77,164 units of earthmoving equipment were sold in FY23 – a 23% jump in sales as compared to 62,629 units sold in FY22. The sales of backhoe loaders and crawler excavators, accounting for over 90% of the total sales of earthmoving equipment, increased by 28% and 17%, respectively, during the year.
While this is a great news to rejoice, the industry can’t rest on these laurels, but must prepare itself to carry on this growth pedestal. Policy makers are also ably backing this momentum with a slew of reform measures slated to facilitate further growth. Foreign players are increasingly paying attention on understanding Indian customers’ requirements and are attempting to address their demands to expand their horizons in this highly dynamic market. Back home, Indian companies are focusing on newer enhancements and advancements into their existing product & services portfolio.
Our cover story on Mining Equipment this time delves into the changing landscape of equipment and highlights leading companies’ quest to drive growth Smartly & Sustainably. With industry veterans in this vertical sharing their strategies to capture major market share, this issue is a great repository for companies who are looking to explore and expand in this vibrant territory.
It’s TIME now to strengthen the market potential on the back on Technology and Innovation. The industry must come together and collaborate to create an enviable business environ and place India on a strong footing in the global construction equipment market map.
